fbpx

IRS Releases 2022 Key Numbers for Health Savings Accounts

Share on facebook
Share on twitter
Share on email
Share on print
Table of Contents
    Add a header to begin generating the table of contents
    Scroll to Top

    The IRS has released the 2022 contribution limits for health savings accounts (HSAs), as well as the 2022 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that’s paired with an HDHP. An HSA offers several valuable tax benefits:

    • You may be able to make pre-tax contributions via payroll deduction through your employer, reducing your current income tax.
    • If you make contributions on your own using after-tax dollars, they’re deductible from your federal income tax (and perhaps from your state income tax) whether you itemize or not.
    • Contributions to your HSA, and any interest or earnings, grow tax deferred.
    • Contributions and any earnings you withdraw will be tax-free if used to pay qualified medical expenses.

    Here are the key tax numbers for 2021 and 2022:

    Health Savings Accounts

    Annual contribution limit20212022
    Self-only coverage$3,600$3,650
    Family coverage$7,200$7,300
    High-deductible health plan: self-only coverage20212022
    Annual deductible: minimum$1,400$1,400
    Annual out-of-pocket expenses required to be paid (other than for premiums) can’t exceed$7,000$7,050
    High-deductible health plan: family coverage20212022
    Annual deductible: minimum$2,800$2,800
    Annual out-of-pocket expenses required to be paid (other than for premiums) can’t exceed$14,000$14,100
    Catch-up contributions20212022
    Annual catch-up contribution limit for individuals age 55 or older$1,000$1,000

    IMPORTANT DISCLOSURES: Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Bogart Wealth, LLC (“Bogart Wealth”), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from Bogart Wealth. Please remember to contact Bogart Wealth, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Bogart Wealth is neither a law firm nor a certified public accounting firm and no portion of the commentary content should be construed as legal or accounting advice. A copy of the Bogart Wealth’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request. This material was prepared by Broadridge Investor Communication Solutions, Inc.

    Work with a financial advisor who puts your needs first.

    Want to talk first? Call us at
    (866) 237-0121

    • This field is for validation purposes and should be left unchanged.

    You are now leaving the Bogart Wealth, LLC / Bogart Wealth™ (“Bogart”), website and entering a third party website that we do not control.

    Bogart is not responsible for third party websites hyper linked our website, and does not guarantee or necessarily endorse any content, recommendations, products or services offered on third party sites.

    In addition, third party websites may have different privacy and security policies than Bogart. Therefore, you should review the applicable privacy and security policies of any third party website before you provide any information.

    Ok